Press Release

OFID releases some US$320 million in fresh financing for development

84/2006 December 19, 2006 Vienna, Austria
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The OPEC Fund for International Development (OFID) today announced a record US$284.45 million in new lending to support development activities in 19 of its partner countries. The financing, which was approved at the 117 th Session of the OFID Governing Board, was described by Director-General, Suleiman J. Al-Herbish, as “a meaningful contribution to poverty alleviation efforts in some of the world’s neediest developing regions.” An additional US$27.4 million was made available in debt relief to four Heavily Indebted Poor Countries (HIPCs), and a further US$8 million released in grant assistance. The total sum is the largest amount to be approved at a single sitting of the Board.

The 19 project loans are as follows:

Of the four grants approved, two will be drawn from OFID’s Special Grant Account for HIV/AIDS Operations, another will be drawn from the Special Grant Account for Palestine, while the fourth will help deliver protracted food assistance to refugees in Kenya, Ethiopia, Chad and Nepal. (See separate press release 85/2006).

Since its inception, OFID has provided more than US$8.5 billion in much needed concessional development financing to 120 developing countries.